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. Well if you have a $ 1 today, you will have $ 2 in the future or $ 7 today is $ 1 4

.

Well if you have a $

1

today, you will have $

2

in the future or $

7

today is $

14

in the future; it doesn't matter what values we choose because the solution to the number of periods or interest rate would be the same.

You are currently investing your money in an investment that has a nominal annual rate of

8

percent. How many years will it take for you to double your money?

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